本研究探討我國實施企業營運總部法案對公司境外投資股利所得資金回流之影響，實證結果發現，在企業營運總部法案實施後，申請設立營運總部之公司，其境外股利所得匯回比率較其設立營運總部前有顯著的提高，也較未設立營運總部公司的境外股利所得匯回比率為高。此外設立營運總部公司的長期遞延所得稅負債愈高者，因受惠於可將歷年保留在境外未分配盈餘匯回的免稅利益愈高，其境外股利匯回比例增加也愈高。最後，在其他條件相同下，公司發放現金股利愈高、營運資金比率愈低者，其境外股利所得匯回之比率也愈高，顯示企業的境內資金需求會影響其境外股利所得之匯回。

To encourage Taiwan-based enterprises to utilize worldwide resources and expedite globalization, Taiwan government advocates the operational headquarter policy, providing tax-exemption on remitted foreign dividends for companies setting up operational headquarters in Taiwan. The stated ploicy objective for the tax incentives of operational headquarters is to increase the remittance of Taiwan-based enterprises' foreign dividends,
thereby tunneling overseas capitals back to Taiwan. Using data spanning before and after implementation of the tax incentives for operational headquarters, this study examines the impact of the tax incentives on the remittance of foreign investment income. Our results show that ceteris paribus, companies setting up operational headquarters in Taiwan remit more foreign dividends back to Taiwan than their matched-samples without
setting up operational headquarters. Further, after setting up operational headquarters,companies appear to increase their remittance of foreign dividends back to Taiwan, and those companies with greater noncurrent deferred income tax liabilities appear to increase more remittance of foreign dividends back to Taiwan. The results suggest that the tax incentives of operational headquarters have a positive impact on increasing the remittance of foreign dividends back to Taiwan.